Flipping Times Square Bargains Forces Glut

350 W. 42nd Street

Buyers can work the laws of supply and demand to their advantage at the Orion, Extell Development’s towering condominium at 350 West 42nd Street. Investors initially snapped up the Orion’s units, banking on Times Square’s renaissance. Now many are out to collect profits, flipping their apartments back on the market and creating something of a glut. Today 34 condos compete for the attention of shoppers here, plus 38 more for rent, according to StreetEasy Real Estate. This 710-square-foot one-bedroom is the cheapest of its size at $715,000, though there is another unit on a lower floor with the same asking price. This one, though only on the seventh floor of a 61-story building, soaks in sunlight in the daytime. A 421-A abatement’s in place for ten years, so property taxes are absurdly low — $18 a month! — and the common charges aren’t off-putting for a project gilded with all the usual amenities, and then some: a health club with a pool, concierge service, and even free breakfast. —S. Jhoanna Robledo